The overall activity of Bitcoin (BTC) whale accounts has increased rapidly since the start of this week amid a substantial jump in the price of BTC. The world’s largest digital currency jumped above $40,000 on Monday for the first time in six weeks.
Whale Alert, a blockchain tracking and analytics firm, highlighted a significant Bitcoin transaction involving 9,500 BTC today. According to the latest data published by the company, a prominent BTC whale account moved $353 million worth of cryptocurrency to an unknown crypto wallet on Tuesday 27 July at 00:48 UTC.
Earlier this month, Whale Alert highlighted the movement of 3,129 Bitcoin worth over $100 million from the cryptocurrency exchange, Binance to the digital wallet, Xapo. The mentioned transaction was executed on 12 July 2021 at 22:32 UTC.
According to the recent data posted by Coinmarketcap, BTC touched $40,499 yesterday after reports of Amazon’s tentative crypto plan. However, in an official statement today, Amazon denied reports about Bitcoin acceptance.
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Despite Amazon’s official statement, the world’s largest cryptocurrency stayed above $37,000. Currently, Bitcoin is trading near $37,700 with a market cap of over $705 billion.
On-Chain Activity of Bitcoin
Despite the latest jump in the price of Bitcoin, the overall network activity remained quiet in the last few days. “In contrast to the volatility in spot and derivatives markets, the transaction volume and on-chain activity remain extremely quiet. On a 14-day Median basis, the entity-adjusted transaction volume for Bitcoin remains depressed at around $5B per day. This remains a significant decline from the $16B/day prior to the May Sell-off,” Glassnode mentioned in its latest weekly on-chain analysis report.
“However, the volume has not yet collapsed to the same extent as the 2017 blow-off top, where network volume saw a full retrace, a subsequent bear market, and eventually, a lengthy capitulation. It remains to be seen whether on-chain volumes start to pick up in response to recent volatile price-action,” Glassnode added.